Acronyms (colloquial) NNCTPA Public law 97-218 | Effective July 20, 1982 | |
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Long title An Act to provide for the operation of the tobacco price support and production adjustment program in such a manner as to result in no net cost to taxpayers, to limit increases in the support price for tobacco, and for other purposes. Nicknames No Net Cost Tobacco Program Act of 1982 Enacted by the 97th United States Congress | ||
The No Net Cost Tobacco Act of 1982 (P.L. 97-218) required that the Tobacco Price Support Program operate at no net cost to taxpayers, other than for the administrative expenses common to all price support programs. To satisfy this mandate, sellers and buyers (including importers) of tobacco were assessed equally to build a capital account that was drawn upon to reimburse the Commodity Credit Corporation (CCC) for any losses of principal and interest resulting from nonrecourse loan operations. Other provisions of this law provided for reducing the level of support for tobacco and made various modifications to the marketing quota and acreage allotment programs. No net cost assessments ended when price support was terminated after the 2004 crop.